July 20, 2025 • 41 mins
We all want our kids to do better than we did, and a major part of that is teaching them how to set themselves up financially.
Founder and managing director at Koura Wealth, Rupert Carlyon, joins Tim Beveridge for Smart Money.
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Speaker 1 (00:05):
You're listening to the Weekend Collective podcast from News Talks.
Speaker 2 (00:09):
It'd be he comes, so.
Speaker 3 (00:14):
He comes, Z nay, it's all right.
Speaker 2 (00:24):
It's been a locomely window. It feels like you since
it's been here. He comes, he comes, U nasy, it's
(00:46):
all right. Oh look, I do love the song. I
think it is at the moment probably my favorite song
of all time. I don't know why, but it's just
in simplicity. The Beatles George Harrison, I think write this one.
(01:08):
Here Comes the Sun, and it was the request of
my next guest, because this is smart money. Welcome to
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Nicola sorry as well as been with Nichola Willis. Was
(01:51):
Erica Stanford is the Minister of Education. Big week every week.
It's a big week for Erica, I think. But the
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(02:12):
an insight into what motivates Erica standard Putting aside all
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And I thought it's worth checking that interview out, so
go and do that on news Talk. Seidb dot court
it In said, the interviews are up and read it
a roll. Guess what though, As I mentioned that song
Here Comes the Sun chosen by our next guest he's
(02:33):
founder and managing director of Cora Wealth, and his name
is Actually I should have protected checked the pronunciation because
I've confused my sounds south since we last had you on.
Now of course I know it's Rupert car Lyon. Oops,
there we go, and I'll turn your mic on there
as well. Correctrupert Carlyon, carl And where's the emphasis is
on the car Lyon or car Lyon?
Speaker 4 (02:55):
Never been asked there question. I'd just said to car
and a Lyon put together and we're done.
Speaker 2 (03:00):
Carla a car Lyon. That sounds that make sense? Simple,
well done, A car and a line put together. Yes,
Now have you been I've been very well. Yep, I've
been doing I was doing a bit of reading. And
actually one of the topic we're going to have a
chat about. In fact, it's probably while you forget what
you say in the media, but just one of the
(03:22):
things stood out was in your early days and you
talked about how you've talked about founding Cora Wealth and
how the challenges of doing something which is just such
a big undertaking. But you just had a remark in
there about how your kids just don't enjoy listening to
Bloomberg Dot com, which really did make me laugh, and
I thought, God, the number of times I've got radio
(03:43):
on listening to this news channel that news channel. My
kids like, here he goes again, But it made me
think about the lessons that kids should learn about money. Actually,
what Bloomberg dot com? What are you listening to? I
have never listened to. Is this a podcast or a
newsfeed or what? Everything?
Speaker 4 (04:00):
So I'm a news junkie, so I spend huge amount
of my days reading and listening to news. When I've
got a spare second, I'm always listening to either the
Bloomberg podcast or actually Bloomberg Radio, which comes through my
sons at every morning.
Speaker 2 (04:12):
So it sounds hardcore, And I mean, since how long
have you been listening to that particular.
Speaker 3 (04:18):
Probably for the bitter part of the last ten years.
I do that most mornings.
Speaker 2 (04:21):
Wow.
Speaker 4 (04:21):
And so my kids hate it because they'd much rather
be listening to dinosaur songs than Bloomberg.
Speaker 2 (04:29):
How old are your kids, I'm guessing would buy that.
I'm guessing they're about four, three, five, six.
Speaker 3 (04:34):
Old, three seven and nine?
Speaker 2 (04:36):
Oh good, guess exactly. But the question, I guess, do
you think that've learned much from hearing? Having Bloomberg in
the background or hasn't turned them off any talk about money.
Speaker 4 (04:48):
I think it gives them a little bit of an
understanding of what I do because they they know that
what's happening in the world is important to me. They
know that what's happening in the world is important to
my job. Do they fully understand the markets or do
they understand the markets full stop? No, but I think
they at least know that whatever is happening has a
(05:10):
lot to do with my job on what I do.
And actually, my nine year old, he finally has grasped
the idea that my job is to make people money.
Speaker 2 (05:18):
And just reminded me the other thing I think I
read you were talking about how one of your children
might be the nine year old learned that, you know,
would you like two dollars to go and spend, But
if you don't do anything with that two dollars in
terms of spending, if you put it somewhere else, that
two dollars will turn into three dollars sort of eventually.
And they've sort of grasped that, all okay, So then
(05:42):
you've maybe one of the lessons they've learned. I mean,
we like to spend money, of course, and that in
the end we spend it because why do we want money?
Because it buys things? But yeah, that the future value
of that money.
Speaker 4 (05:52):
If he my nine year old, he's a saverer, right,
so he gets it because he likes to hold money,
and he gets it. And I think it's as much
the personality as the age.
Speaker 2 (06:02):
Well, I was going to ask you that, because I
think there is a certain there's an instinct almost is
it at birth? I don't know.
Speaker 3 (06:08):
I mean it's even.
Speaker 4 (06:09):
And the other one that was really powerful the other
day is so I set them set the kids up
with can we save account? When I set the business
up five years ago, and so I put the thousand
dollars in for well, the two that were alive at.
Speaker 3 (06:20):
That point in time and.
Speaker 2 (06:22):
That and the way you put that sounded a little
bit tragedy, but you meant that had been born by
that that had.
Speaker 3 (06:27):
Been sorry, yes, he had been born by that stage.
Speaker 4 (06:30):
Well, because the reason I say it like that is
the third one asked for where his money was the
other day and was busily disappointed.
Speaker 3 (06:35):
And I told him he didn't have one.
Speaker 4 (06:39):
But what was amazing is they kind of said, I said, look,
I gave you a thousand dollars when you were four
years old, and they looked in their account and they
could see that it's now eighteen hundred dollars, and they.
Speaker 2 (06:51):
Just that's not a bad rate of appreciation. Did you
stick it with Cora Wealth or something? Wow, Junius. If
I hadn't put it there, it was somewhere else.
Speaker 4 (07:02):
I was account number one, they were account number two,
My wife was account number two, and they are accounts
number three and four. But it was really interesting, right
because they could see they said so that I said
to them, not five years ago that was one thousand
dollars and today it's eighteen hundred dollars. And that's what
you've got there. And that's what happens when you said
it leave it there, and you said it save the
nine year old. He kind of said, well, how can
(07:23):
I put more on a seven year old?
Speaker 3 (07:25):
Can I have the eighteen hundred dollars please?
Speaker 2 (07:27):
Actually that's the secondary question, by the way, I'm going
to throw out there, because ah, the question that we
want to explore. We're going to explore is what are
the lessons that you should teach kids and win about money?
But there is the question out there to everyone I
can have a reckon on are savers and spenders? Are
they created or are they just born like that? And
(07:49):
I I don't know those person those aspects of personality,
because I think you can learn some bad lessons if
you are not taught, if you don't understand where money
comes from. But there are kids. I'm pretty sure one
of my daughters is going to be or maybe by
both of them, that have gotte an instinct to put
money away.
Speaker 3 (08:08):
I think it's a bit of both.
Speaker 4 (08:10):
I think there's the I mean, I find it fascinating
having three children, because I've got that. I'm pretty sure
I've been raised the same way. But there are three
very different personalities, and so I can see, particularly with
the two olders, there's ones that the oldest is the saver,
that the middle ones the spender.
Speaker 3 (08:27):
But I think, to be honest, I think.
Speaker 4 (08:28):
As a parent it's our job to really teach them
the value of money, that the need to work for money,
the need to understand what money is. And so I
do think to a certain extent it's an intrinsic trait.
But on the other hand, I do think we can
teach a lot of good money habits on the way through,
and that's what's really really important.
Speaker 2 (08:48):
Yeah, love your calls on this as well. They have
you focused on I mean, you might be able to
talk about your own child er. What was it, What
were the first lessons you learned about money and what's
the best way to learn to appreciate it? Because one
of the things I was going to say, and as
I was about saying it to you before the show,
I started to think, actually, this be completely wrong. But
I had imagined that people who were wealthy would be
(09:11):
the ones who would who would naturally pass on good
lessons about money to the next generation. But then I thought,
how on the opposite could be true, because if the
first generation learned how to make money through hard work
and investment or whatever, and the younger generation just sees
that mum and dad have got a lot of money
(09:32):
and it's coming my way when they cart it. Sorry
I put it so crudely, but I do wonder if sometimes, Yeah,
I don't know who, whether there's a complacency you've got
to be careful of as well if you are successful.
Speaker 3 (09:47):
I don't think there's any generic rule.
Speaker 4 (09:49):
I mean I think about some of my friends, for example,
I've got some friends that grow up in very wealthy backgrounds,
one in particular, who his father. Whenever he does anything,
he kind of asks for the business plan to justify
why he wants the money, And I think so, I
don't think there's any hard and fast all. I think
it's a mix. But I do think people that have
(10:10):
gone through tough times, I'd argue more often than not
understand the value and understand the value of not having
and saying that though that can crack some other quite
negative money traits around not able to enjoy your future,
not Able to enjoy life because you're too worried about money,
too worried in the future. It's about creating the right balance.
Speaker 2 (10:31):
Yeah, okay, the right balance. Yeah. So we'd like to
hear from you on this as well on r. Eight
hundred eighty ten and eighty. What are the most important
lessons that you can teach children about money? When can
you teach them? But also you might remember the best
lesson you ever learned about money. For me, actually, I
probably think the lessons I've learned about money are later
on in life in a way about because I'm self employed,
(10:55):
I don't get paid if I don't work, and there
is something of a lesson that motivates me because they go, oh,
you know, everyn and again sort of thing. I'll go
to go to work or something. There's some aspect to
what I'm doing I'm not enjoying, or I sort of think,
hang on a minute, I turn up and I'm going
to get paid. That is a That's the first lesson
(11:15):
to me is that I don't want to say time
is money because it doesn't mean that all your time
is money. I hate that expression because it makes it
sound like everything's a tradable commodity. You know, if I
take a day off, then that's money that's costing me.
I don't like that idea, but I do like the
idea that guess what I turn up, I do the effort,
I spend some time contributing something and bingo, I get
paid for it.
Speaker 4 (11:36):
Fabulous, And I think that's an important leson. You can
teach the kids from day one, so I think, so,
I think that's a really really important lesson. So we
do stuff in our house, for example, whereby some of
my kids they get pocket money, but they also get
paid money extra for doing extra thing.
Speaker 3 (11:54):
So whether so they're the little things.
Speaker 4 (11:57):
Right, So the pocket money, they dishwasher, rubbish bands, making
sure the beds are.
Speaker 3 (12:02):
Made, all of those kind of things.
Speaker 4 (12:03):
Yeah, but they want some extra money because they've found
a bay Blader or something else.
Speaker 3 (12:08):
They want to save up for what.
Speaker 4 (12:10):
Bay Blader it's the new toy of choice for the
kids at the moment. Basically, it's a very fancy spinning top.
Speaker 2 (12:15):
Okay, right, okay, right, the spinning top crazies. Yeah, it's
not one of those laboo boob things at least.
Speaker 3 (12:22):
No, I haven't got that yet.
Speaker 2 (12:24):
It's probably the booboo or something else. I think they're
called lab boo boo.
Speaker 4 (12:27):
Yeah, but it's about saying teaching them, look, if they
want a little bit more, if they want something extra,
then they're going to have to do stuff for it.
Speaker 3 (12:34):
They're going to work.
Speaker 4 (12:35):
So in our house, that's the kind of that's the
clean your car, that's the lawns, that's those extra bits
and pieces that try to instill in that world of going, hey, look,
nothing's you can't just have stuff. It's all kind of
if you want it, you need to do that little
bit of extra work for it.
Speaker 2 (12:50):
Actually, that's an interesting course. We don't give pocket money,
but the kids have what they need sort of thing,
and they get gifts and presents at birthdays. And that's
when I learned that savors because one of them has
been squirreling that money away like nobody's business. It's like,
how much have you got in your bottom drawer? Well,
or put it in the bank account?
Speaker 4 (13:10):
Of course, yeah yeah, but at my age that the
bank accounts actually make life pretty hard because the bank
accounts it's all ethereal. They can't see the money, they
can't touch the money, they don't really understand what money is.
And so one of that's kind of one of the
other tricks that someone taught me a little while ago.
And one of the things that we've done is we've
actually we've now got jars with just kind of there
(13:32):
just random little coins that we brought off team actually,
but they all represent a dollar each for the kids.
And so it's back to that old school world of money.
Speaker 2 (13:43):
Okay. Actually it's funny because I was about to think,
hang on a minute, this is the guy from Cora Wealth.
The money that's sitting in a jar is not doing anything,
But of course it's not. It's symbolic money. So you
headed me off at the past before I could even go.
Hang on a minute, so that money is actually in
the account.
Speaker 4 (14:01):
So that there's a symbolic money and that money's in there.
And then what we'll do is once a month will
transfer it from the manager up into a bankcount and
they can choose whether they put it in the saving
or the spending account on the way through.
Speaker 2 (14:12):
Because that is actually one of the biggest lessons that
I think everyone needs to learn, not just younger people
but especially at least. I grew up in a world
where if you had to go and spend ten bucks
on something, you spent ten dollars and you hand it
over that Basically, when we got ten dollars at Christmas
from one particular relative, we felt like we're were the
wealthiest people in the world that could buy you the
whole game of Monopoly. Except but I do remember cash,
(14:40):
and this generation it's all just a number in the
bank account, isn't it. Yeah, it is.
Speaker 4 (14:46):
It's so like my nine year old he now gets
the bank count and so he understands the numbers in
the bandcount mean real money. What's actually quite interesting with
the coins and the jar that's sitting on the window sill.
Speaker 3 (14:58):
Is actually the four year old now get that, okay?
Speaker 4 (15:01):
Or the four year old now understands the fact that
kind of it's a dollar.
Speaker 3 (15:06):
If it's coin, it's a dollar, and a dollar is
something that he can then take to the shops and
he can do stuff with.
Speaker 2 (15:11):
So how do you actually work that I've just got
up because I like this idea of it not being
the real money. It's in the bank. So what is
it that you've got on the You've literally got a jar.
Speaker 4 (15:20):
We got three jars, so for the three children. Yeah,
and we've got these little random coins that we just
got a two hundred coins off.
Speaker 3 (15:29):
Kind of thing.
Speaker 4 (15:30):
And so what we do is every Sunday we give
them their pocket money and then if they've done any
extra jobs or they've done anything extra, then they'll get
a little bit of extra put in. And then once
a month or so, what we'll kind of do a
bit of a counter and empty the jars and put
it into the bank.
Speaker 3 (15:44):
Count.
Speaker 4 (15:45):
Okay, that's so it makes it real for them. But
so you're actually talking about the money, it's tangible, it's
there and they can see where it goes for them.
Speaker 2 (15:54):
Okay, we love your cause on this What are the
lessons that you think children need to learn about money
these days? And as I say children, I almost have
to include all of us, because so often when we
have discussions around money, I think there are a lot
of adults who think, you know what I think. For
the next month, I'm going to pay all my bills
with cash so I can actually realize how much I'm
(16:15):
a spending. Because I think that it's an easy habit
to just see your hand over the card. It goes blip,
blip and bingo. Although it might make supermarket shopping quite painful,
you just imagine handing over twenty dollar bills is like too.
Speaker 4 (16:30):
You'd be a lot more discipline though, because when you
get to the end of the twenty dollar bills, you
just have to put it back on the shelves.
Speaker 2 (16:36):
Yeah, you would be there. It goes the I don't
know what would be returning first. Anyway, What are the
lessons that you would like kids to learn they should learn?
What did you learn about money? Eight hundred and eighty
ten and eighty text nine to nine two. We're with
Rupert Carlyon. He is the founder and managing director of
Kurra Wealth who's with us And if you've got any
(16:57):
questions for Rupert. By the way Coral Wealth is, they've
got their own key. We save a fund as well,
so he's Higg's on the game of investing and make money.
So you've got any questions for Rupert, give us a call.
Oh eight hundred eighty ten eighty twenty three and a
half past.
Speaker 5 (17:10):
Five's welcome back.
Speaker 2 (17:37):
I think I mentioned in my producer Tara that if
we were going to play a bit of a living
Newton John, which we did last hour, I think then
we'd have to play Xanadu. And she's taken me literally.
This is from the movie with Olvy in Newton John,
who the world was in love with, and it's an
awful movie and it was apparently the movie that was
the founding movie for the Raspberry. The Raspberry Awards for
(18:00):
the Worst Movie of the Year was inspired by this
movie Xanadu. But it is worth going to YouTube and
checking out the video for Xanadu. And you can tell
every time Olivia starts dancing, they close up on her
because she clearly can't dance, but of course she can sing.
She could sing. Should I say the late O Livia
Newton John got I hate saying that Olivia Newton John.
She's a marvelous singer. Anyway, we're talking money where with
(18:22):
Rupert carl And he's the founder of managing director of
cural Wealth, and we want to talk about the lessons
that kids should learn about money. Actually, tell you what,
there's a really simple question that Ruper and I were
discussing in the breaker is do you spoil your kids
by giving them pocket money? Should you make the money
every penny or should you give them pocket money so
they can learn how to spend it. I'm thinking I
(18:44):
think I just argued against pocket money, didn't I? Rupert?
Speaker 3 (18:48):
I don't know though.
Speaker 4 (18:49):
So at the start I said, money's about balance because
you kind of at the end of the day you
want to be you can't be. You don't want people
to be too frugal, but you want to make sure
that they actually understand the value of money on the
way through as well. And so I leave money if
pocket money is important?
Speaker 2 (19:08):
Actually, here we go how much? Oh that almost gets.
Speaker 3 (19:11):
Personal, doesnign I'm an open book.
Speaker 4 (19:13):
So for me, our kids get a dollar a dollar
per week for their age.
Speaker 2 (19:19):
Okay, it sounds doable.
Speaker 3 (19:24):
That's doable.
Speaker 4 (19:26):
But then we'll do things, but we'll so the flip
side of giving them pocket money as we expect them
to do to pay for things.
Speaker 5 (19:33):
Though.
Speaker 4 (19:33):
Right, So, my nine year old, for example, has just
saved up a huge amount of pocket money over a
long period of time, and he's brought himself at Cobo,
which is wonder a kindle reader.
Speaker 2 (19:43):
Well, what an awesome way to spend his money on
something to encourage reading. Brilliant.
Speaker 4 (19:49):
Whereas if we didn't give him poet money, we probably
would have just brought it for him. But it's a
way that he's had to save. He's had a goal,
he's had all of that kind of stuff. So it's
to me it's about teaching them a whole lot more
lessons than just giving him money.
Speaker 2 (20:04):
Wow, that is a great effort. What did he buy
one of those sort of like quite compact little numbers
already buy the one with the slightly with the magnificently
big gram screens.
Speaker 3 (20:14):
To be fair, I only knew there was one. It's
a little one.
Speaker 4 (20:17):
But the beauty about it though, which from a parent's perspective,
is it connects into the library, and so it means
that he's constantly getting books out and rather than us
going and spending millions of books the whole time because
he's a massive reader.
Speaker 2 (20:31):
Yeah, it's all coming from the libary. And I hate
to push a particular brand because but Kendall, which is
the Amazon thing, everyone talks about their Kendall Kindle, Kindle
Kindle does not sync up with Library and the Cobos do.
And that is exactly the reason why there's such a great,
great set because and it actually I must say, it's
quite an amazing I mean we're talking about education here,
but it's such a great resource, isn't it When you
(20:53):
can get library books on you can on your Cobo.
Speaker 4 (20:55):
Yeah, I agree, And that's brilliant. And so the next one.
And so my seven year old's currently saving up for
the Cobo. I think he's almost got enough. And then
the nine year old's next subject is the Chromebook for school.
Speaker 2 (21:07):
He's going to buy his own Chrome book.
Speaker 3 (21:09):
Yeah, I'm not doing it.
Speaker 2 (21:12):
Actually, that's the trade off. I mean, you see, we
don't we don't give our kids pocket money. They get
gifts at Christmas and birthdays from everyone, but we buy
them the Chrome books and which.
Speaker 4 (21:24):
Yeah, but it's half a dozen one way six the other, right,
I think it. I don't think there's a right or
a wrong way. I think where I think pocket money
goes wrong is potentially if it's giving pocket money but
also giving them everything else as well. So that means
all of the pocket money goes on the bay blades,
all of these other things that are just junk.
Speaker 2 (21:45):
What if they want something slightly extravagant. I mean, because
sometimes you do buy your kids, you know, you want
to buy your kids treats and stuff like that.
Speaker 3 (21:53):
I mean, my kids don't go don't want for much.
Speaker 2 (21:56):
No, no, you mentioned can we talk about the Crocs?
Speaker 3 (21:59):
Yeah, the Crocs thing.
Speaker 4 (22:00):
That was a good example, right of So currently at
their school, all the kids want Crocs.
Speaker 3 (22:05):
They want the real Crocs.
Speaker 2 (22:06):
And so they can stick those those little gibbets. Oh
they gibbets. You should time to look at what a
real gibbet is. That's when somebody being well, it's a
it's a punishment or torture device. You're hang people in
the gibbet I think it is, or somebody a gibbet
and hang them from a tree as they decay. I
(22:27):
think that's what aib is. But anyway, sorry, agress.
Speaker 4 (22:32):
No, but that was so we're talking about that's a
good one of kind of teaching them that you can
do stuff cheaply, you can do stuff expensively. Right, So
for us, when he wanted crocs recently, you can go
to the warehouse and or numb one s your warehouse
and you'll get the equivalent of fifteen dollars or the
real ones are sixty or seventy dollars. And so we said, look, well,
(22:52):
I'm happy to buy the cheap ones. And when you
started moaning, I said, that's fine. You can get the
expensive ones if you want, but that's on you. So
I pay fifteen dollars and he pays the rest so
that he can get to the branded stuff.
Speaker 2 (23:04):
Actually, you know what, I don't think there's much to
argue with with what you're saying, because you know you're
giving kids what you're providing for your children, and as
you said, look, they don't want for much really, but
you're trying to teach them that habit of like what
it's worth and if this you want something special, how
badly do you want to be just like everyone else?
And having those stupid crocs?
Speaker 4 (23:22):
And that's put his cromebook back. So that's kind of
that that did he go.
Speaker 2 (23:26):
With the crocs at least, as I say, at least
it wasn't one of those.
Speaker 4 (23:31):
He's a Grayland kid, Let's be clear, it's not exactly
He's got to keep up.
Speaker 2 (23:35):
There was a time when being a Grayland kid was,
isn't it. Times have changed very much. It used to
be the time it's like I'm from Grayland forty years ago,
and now it's like I'm from Greyland. There's a text
here that says you never you need to have pocket
you need to have pocket money. I never got enough,
so I got to snitching the neighbor's taxi money and
(23:58):
then saving that and then bought my I don't think
I'm gonna read the rest of this. Oh, Anyway, Rod
got in trouble for buying himself an air rifle with
stolen money. I was wondering where that was going for
a second. So I did actually decide I needed to
read ahead a little bit, a little bit on that one.
So what about the discussion around Kiwi Saver for your
(24:23):
kids versus the non Kiwi saver, Because there's there's two
sides of this. You've got a kid who's a spender. Yep,
you might be thinking, I'll sticking in the key We
save because I know you can't touch it. But then
if you want your kids to have I mean, it's
a long time before they're going to be getting access
to that Kiwi saver. Do you create a savings account
(24:43):
which is totally not key We saver, because at least
it gives them some discretion when they are old enough
to start making their own decisions A lot.
Speaker 4 (24:52):
I'm a a which is probably the controversial answer, given
I'm not. I'm a kesave provider. My view is actually
the non KEYI Saver options are potentially better off for
the kids.
Speaker 3 (25:03):
For the very simple. So it's easy for me to
say that.
Speaker 4 (25:06):
Because I understand money and I understand investing options and
how to do it. Because I think about my kids.
If they get to their early mid twenties and they go,
you know what, Dad, I'm not that happy. I just
want to go on a big trip or to clear
my head, or I want to start a business, or
I want to do stuff. There are so many other
things that kids might want to take their money out,
(25:27):
whereas unfortunately kee We saver it's.
Speaker 2 (25:30):
Just for a house, just for a house, and that
may not be forever either. I guess Becausett's dependent if
a government. Besides, listen, it's no government's.
Speaker 3 (25:39):
No government's going to do that.
Speaker 4 (25:40):
I mean, if they can't even give up on the pension,
there's no way they're going to change it. There's no
way they're going to change the rules around that stuff.
Speaker 2 (25:46):
Because digging into your key we save it is I mean,
I'm not sure if we discussed this with you last time,
but there was the question about whether you should be
able to dig into your key we saver for your
first house because it sets your savings back. I think
it was with you, it was with me.
Speaker 4 (26:01):
So we're the only country in the world that let
this happen. In Australia and the UK comes up regularly
every three to five years on whether they should let
kids do it, and they say no because fundamentally it's
just the wrong thing to do. So he yeond the
only country in the world where it's allowed to happen.
Speaker 2 (26:21):
Actually, by the way, I wouldn't mind taking your cause
on this because I still think even though were discussed
at last time, it is one of those it's the
preennial topic. But let's take some calls Lucy.
Speaker 6 (26:30):
Hello, Oh hi, Look, it's not what I have done that.
It's a person. I know what she does with her children.
They at seven, they get a their bit card and
any money they given to them as gifts for Christmas
(26:50):
and Birthday or something, they give it to the mother.
She puts it in their account for them, and that
in some jobs that they do around the house they
will get money for not everything, because you're a family
and you got to do things together now. But what
happened one time the boy he had his mates over
(27:14):
and he bought all the stuff for a midnight feast.
And it wasn't until afterwards he realized. He said to
his mother, Oh, I've spent all my money. I can't
afford to pay for myself home this month. And he
got a lecture on bills get paid first before anything else,
(27:35):
and as well, mother paid for his phone, but she
got his phone and he could only call her.
Speaker 2 (27:45):
Oh okay, so she got the phone but gave him
the beer basics. Yeah, actually I'm sort of okay with
that in a way. Initially I thought he should pay
for his own self, he should just have to wait.
But what do you reckon rupert because he has taught
himself a hard lesson.
Speaker 4 (28:00):
He taught himself a hard lesson. I think, to be fair,
that's I mean, I'm a control freaks. I just wouldn't
give my kids the debit cards and type of trust
them with it.
Speaker 6 (28:09):
Well, well, the kids actually don't get the debit card.
The mother holds it until they're at high school.
Speaker 2 (28:17):
How did he spend the money then.
Speaker 6 (28:20):
Well, when he wants to spend the money, he's usually
with his mother and she has the debit card and
she gives it to him then to use. And otherwise
they're not given the debit cards straight straight away. They're
given the debut card usually when they start at high school.
But they start knowing about the money they get and
(28:44):
putting money, and the mother puts the money in the
account for them. That that's what happens to them ever result,
and they might ask how much money have I gotten
my account? And she will tell them and they say, well, yeah,
they're wanting to buy something like one of the girls
bull to self the cell phone, and so she had
(29:09):
to you know, once she had the money, she bought
that she had enough to buy the cell phone. So
her mother gave her the.
Speaker 4 (29:19):
As much as as much as it's a hard lesson
to learn, I think that's an extremely good lesson though, right,
because fundamentally, if if you blow it and then you
suffer a whole lot of consequences because of that, then
you're probably not going to do that again.
Speaker 2 (29:32):
I actually think that. Yeah, it's interesting that have you
because you were saying that you wouldn't give your kids.
Speaker 3 (29:38):
Try and protect them from the loss.
Speaker 4 (29:39):
But at the same time, but you're visiting that now.
Speaker 3 (29:44):
I still I'm not sorry.
Speaker 4 (29:45):
I try my mind still too young, But I do
think what do we know about life?
Speaker 2 (29:49):
Right?
Speaker 4 (29:50):
We know it's during the challenges that we get taught
a whole lot. And I think that's a really actually
a good way to learn something because you go through
you put yourself in a challenging situation.
Speaker 2 (29:59):
Yeah, that was a good lesson that that boy learned, then,
wasn't it.
Speaker 6 (30:01):
Lucy Well make Sally, She the mother is actually very good.
It's usually when they're at high school, they end up
with the debit card and she lets them buy lunch
once a week and she puts the money in there
for their lunch and they you know, she puts money
in for them too, like the lunch money, and yeah,
(30:25):
the kids do know that, you know, you can only
buy money when you've got money, and you can only
buy things when you've got money in your debit card.
Speaker 2 (30:36):
Yeah, yeah, now that's a good one. Actually, I quite
like I do wonder whether in fact you are doing
your kids a favor if you let them have a
learn that hard listen.
Speaker 4 (30:49):
Or the constant cost that's the constant challenge of parenting,
right do you let them scrap your knees?
Speaker 3 (30:54):
Do you let them have the accidents?
Speaker 4 (30:56):
Do you how much do you protect them versus kind
of let them learn from their mistakes?
Speaker 3 (31:00):
And I think it's not just money, it's.
Speaker 2 (31:02):
On everything, well, at least with the money thing. If
you and everyone has to do it within their means,
of course, because you know, one person's fifty dollars is
another person's five dollars or five hundred bucks. You know
everyone's got But if you I tend to think that
no one's going to get hurt if you have allowed
your children to have access, say to a debit card,
(31:23):
and they make a mistake and they blow it, as
long as you're comfortable with the amount that they're blowing.
That is the one lesson where no one really gets
hurt except their inner soul. It's like I could have
brought my favorite pair of crocs.
Speaker 4 (31:39):
But actually this conversation is making me think one thing
though as well, right, which is the role of education
at schools, because and we find it with a lot
of our clients, and whenever we do seminars or anything,
we ask how you who do you learn about money
from the answer is always either your parents or secondary
(32:00):
it's your employers, or sometimes it's your friends.
Speaker 3 (32:04):
So it should The problem is that.
Speaker 4 (32:06):
If you've got parents that are good with money, you'll
learn a lot, and you'll learn the right habit. But
we know a lot don't. And I think I'm just
kind of I've never heard someone say to me, oh,
where did you learn that? And we ask them where
they learn about money. It's one of the questions we
asked when we do education seminars. Never want till someone
said to me school.
Speaker 2 (32:24):
That's interesting because at times, and I don't like to
share overly share about my kids, but one of my
daughters has been doing She decided surprisingly to me, to
do business studies. And this is early on in education
at high school and we just had a I can't
remember how the conversation came up, and she said, well,
I won't be doing it next year, but I did
(32:44):
want to. She said, this is what no encouragement from us.
She said, I just did want to do it for
a year because I wanted to understand how, you know,
how money works. And she said, I don't want to
be an accountant, so I'm not going to I'm not
going to go any further with it. But she just
I was kind of like, good on you. I sort
(33:04):
of stood in awe of her.
Speaker 3 (33:06):
Actually, I think that's awesome.
Speaker 4 (33:07):
But I mean, and I know a lot of this
is coming with kind of some of Eric Stanford's recent announcements,
but I mean, imagine if we had a world where
from kind of your kid get to enroll in primary
school and actually we start at that kind of very
young age, but we also start teaching the parents at
that point. A whole lot of resources get sent home
(33:30):
to help because I think we know it's a comminate,
it's that piece there to educate the kids, we also
need to educate the adults.
Speaker 2 (33:36):
Actually, we're going to come back with that actually, because
there are there is the question about what bad habits
do you really need not to pass on to your kids, because,
let's face it, not many people don't have. We've all
got bad habits, don't we. I mean there's been songs
written about it. We'll probably have to play that coming
out of the break. I think it's called bad habits Tira. Anyway,
just a moment seventeen minutes to six News Talks, the'd
(33:58):
be It's little nice conversations were the Stranger and welcome
back to the Weekend Collective on Tim Beverage a smart
money with Rupert carl And, a founder and managing director
(34:19):
of Cora Wealth. That's k O. You are a they
are key we saber providers. So if you're curious about
looking around at your funds, actually you guys had some
ridiculously performing fund where you had to say to people, look,
we've done quite.
Speaker 3 (34:32):
Well, but don't don't gone too well.
Speaker 2 (34:34):
What was that one? Was that that?
Speaker 4 (34:35):
Well, we've got a backcoin fun and of course backcoin
being the hot asset class at the moment, Yeah, that
was it.
Speaker 2 (34:42):
A bitcoin key we saber fun.
Speaker 3 (34:44):
Yeah, we've got a bitcoin keyp we save fun.
Speaker 2 (34:46):
That sounds almost illegal, well does it? Sounds so scary.
Speaker 4 (34:50):
So I think I said this last time about it,
but resk but co investing is all about risk management,
and so what we do to manage the risk. We'll
only let you put a maximum of ten percent, yes,
and so it's in our view ten percent. It's or
kind of ten per cents more than enough that you
can get a great add a massive whack of extra
(35:10):
return to your qui saber. But it's not going to
put your tire on your first time at risk. And
so kind of yeah, one O one of investing, manage
the downside, manage your risk. And that's the structure that
we've put in place to do that. But between and
that's actually last time we had that caller the US
Equity Fund, which again we've been extremely lucky because that
fund where the US stock market just keeps on going
(35:33):
from strength strength Not a.
Speaker 2 (35:34):
Bad disclaimer to have to make. It's like, look like
we did do well. It's it's the ultimate modesty. Oh like,
we're pretty awesome, but I'm not necessarily going to win
Wimbledon next year.
Speaker 3 (35:44):
But who knows exactly.
Speaker 4 (35:45):
Well, we will say that though past performance never equals
future performance.
Speaker 2 (35:48):
They do indeed, Hey, bad habits speaking about I mean
future performance and the older generation. Are there particular habits
that an older generation needs to be careful they don't
pass on to their onto their kids. There's anything that
stands out for you or love of property? Ah oh hot?
Speaker 4 (36:06):
Actually, I mean that's clearly right. For most New Zealanders
of a certain generation, property was the number one way
of making wealth, number one way of actually generating savings,
and where they should all save. I'd argue today's generation,
even my generation, my kids, the idea of owning a
rental property is close to impossible because they're so expensive.
(36:29):
My kids, I don't even know whether property is going
to be the right answer for them.
Speaker 2 (36:33):
And you've said this at eleven minutes to six, when
we could have started this hour and we could have
talked till dawn, but actually we don't have much time
to But that's your first honest answer the bad habit
would be And I find it difficult to iman a
host a property. How Yeah, And I noticed that the
conversation has switched often when it comes to investing, and
(36:55):
we've got an investor. Elsa Wilford comes on, and her
profile is not about the capital gain anymore. It's all
about finding something to deliver rental return.
Speaker 3 (37:05):
And can you really do that?
Speaker 2 (37:07):
Well, she has a way of doing it, so I
don't want to be but I mean the model has
changed as opposed to sit on it, flick it on,
make a fortague.
Speaker 4 (37:16):
Oh look, I gave her financial advice every now and
then I do financial advice sessions with people. And this
person she kind of earlier this week and she said, oh,
I want to buy a property. I said, why, we just
think we should. Why we just think we should, And
because that's what she's been told to do. That's kind
(37:36):
of that's just the status quo and kind of it's
we're told to do that. So coming back to my
bitcoin answer, where past performance does an equal future performance,
we believe it's great because of what's happened over the
last twenty years, because we've had a massive flux of
migration in New Zealand, the housing shortage and ultra low
interest rates.
Speaker 3 (37:55):
Do we think that continues?
Speaker 4 (37:56):
And therefore it's just a funny one, right because nine
times out of ten, when you go talk to a
parent in New Zealand and they're going to.
Speaker 3 (38:03):
Say, oh, you just have to buy a house.
Speaker 2 (38:05):
You got to buy a property, mind you, it's good
to have one to live in.
Speaker 3 (38:08):
Oh no, we love that. We love that.
Speaker 4 (38:11):
And this was the conversation that I always have with
people when they say what's your financial objective and they
say buy a house? They said, well, why do you
want to buy it? Because you expect to have it
for the next ten twenty years? Is your family home?
If that's your answer, God on you. And I think
that's awesome, and it gives you security, it gives you
a whole lot of other things. Or are you doing
it because as a hedge, because you just can't. You
(38:32):
believe property prices are going to keep going and therefore
you want to get on the ladder.
Speaker 3 (38:36):
I kind of buy that one or the other one
is a lot.
Speaker 4 (38:41):
I don't really know how to do anything else, and
therefore property is just an easy way to make money.
Speaker 2 (38:48):
Gosh, there's so much we could dig into that I'm
going to I want to address a couple of texts quickly.
We've got about a minute a half before we take
the break with key. We saving pension funds, worldwise, investing worldwide,
investing in US stocks. Are we not setting things up
for a Crash, says Grant with this love with the
NASDAK and all that lot.
Speaker 4 (39:05):
My view know because I think the US economy strongest
economy in the world, the strongest economy that the world
has ever seen. I look at the tech companies and
those very large companies that are currently in the US.
I don't think the world has ever seen a group
of companies that are as strong as they are. So
they are expensive, but they are delivering massive growth rates
and they've got very high returns on capital. It's going
(39:28):
to require quite a lot to whack them sideways. And
now you've got a White House that's kind of fighting
their fight for them.
Speaker 5 (39:33):
Right.
Speaker 4 (39:34):
You look at the trade deal with the EU, where
number one consideration is Europe's got to get rid of
or water down GDPR, digital services tax, all of these
things to make these companies' lives hard. The White House
is saying, no, guys, we just need these guys to
make money for us.
Speaker 2 (39:49):
Who knows what. I don't know where things are going
with the White House. I can't keep up with them.
Speaker 3 (39:53):
Don't listen there. The more the more you listen, the
scarier it gets. Just ignore it.
Speaker 2 (39:59):
Hey, look, we're going to take a quick break. We'll
come back to wrap things up and just part it
is seven and a half minutes to see. Yes, welcome back.
We're wrapping up with Rupert Carlin. I'm just going to
throw my other my twopenny in the lessons I want
my kids to learn. Every time I hear about someone's
kids who've gone and got a job, or they did
a job here and there, And I've got a text
even on that. How about how how kids win and
got a job at New World on the youth wag
(40:19):
eurning money. Now they've got they're both under forty, they've
got million dollar houses. I think when you do have
the chances of fifteen, sixteen, seventy year old to get
a job and in some money, I think it's a
great lesson to learn. Isn't Rupert? It has to be.
Speaker 3 (40:31):
I mean, I'm slightly old school.
Speaker 4 (40:33):
I believe the only way to get ahead in life
is heartslog Yeah, and if you teach your kids to
work hard and they'll reap the benefits, that's the most
important thing.
Speaker 2 (40:40):
Funny, you say that's old school a but it's not really.
I mean, imagine if actually, to be honest, we've only
got thirty seconds. Sorry, but if everyone in this country
had the idea that they wanted to get a job
and get out and work, can you imagine how that
would transform New Zealand. It'd be awesome, be incredible anyway,
probably not going to happen overnight, if at all, but
then might hate Rupert. Hey Coral Wealth, Ko you are
(41:03):
if you want to check out their products and their Ripert.
Speaker 3 (41:06):
Great to see it, thank you, would be great.
Speaker 2 (41:08):
Look forward to next time. It is three minutes to
six Sunday. It's six is next thanks my producer Tyra.
I have a great evening.
Speaker 1 (41:15):
For more from the Weekend Collective, listen live to News
Talks EDB weekends from three pm, or follow the podcast
on iHeartRadio.
You're listening to the Weekend Collective podcast from News Talks.
Speaker 2 (00:09):
It'd be he comes, so.
Speaker 3 (00:14):
He comes, Z nay, it's all right.
Speaker 2 (00:24):
It's been a locomely window. It feels like you since
it's been here. He comes, he comes, U nasy, it's
(00:46):
all right. Oh look, I do love the song. I
think it is at the moment probably my favorite song
of all time. I don't know why, but it's just
in simplicity. The Beatles George Harrison, I think write this one.
(01:08):
Here Comes the Sun, and it was the request of
my next guest, because this is smart money. Welcome to
the Weekend Collective if you have just joined us, you
missed any of the previous hours. Are fantastic discussion with
Greg Paine about looking after your bone health and you
can go and check that out on News Talks. Hed
b you look for the Weekend Collective. But I also
would commend commend course. It sounds so pompous, doesn't it,
(01:29):
But I'd recommend you go and have a listen to
a couple of our politics interviews as well. Nichola Willis
about the infrastructure announcement. Was there anything particularly new, but
it was about saying, look all those things we've talked about.
They're all happening in the next six months, spades in
the ground. And also probably the interview that I think
people really enjoyed was the chat with Nichola Willis. Not
Nicola sorry as well as been with Nichola Willis. Was
(01:51):
Erica Stanford is the Minister of Education. Big week every week.
It's a big week for Erica, I think. But the
end of the interview, I just asked her a bit
about how she was finding the job and what she'd
learned in things, and she spoke incredibly passionately about it
and quite moving in a way that really engaged a
lot of feedback from listeners. But I would listen to
that interview as well if you just want to get
(02:12):
an insight into what motivates Erica standard Putting aside all
the politics and all that sort of stuff. There was
nothing about national label. It's just about getting things done.
And I thought it's worth checking that interview out, so
go and do that on news Talk. Seidb dot court
it In said, the interviews are up and read it
a roll. Guess what though, As I mentioned that song
Here Comes the Sun chosen by our next guest he's
(02:33):
founder and managing director of Cora Wealth, and his name
is Actually I should have protected checked the pronunciation because
I've confused my sounds south since we last had you on.
Now of course I know it's Rupert car Lyon. Oops,
there we go, and I'll turn your mic on there
as well. Correctrupert Carlyon, carl And where's the emphasis is
on the car Lyon or car Lyon?
Speaker 4 (02:55):
Never been asked there question. I'd just said to car
and a Lyon put together and we're done.
Speaker 2 (03:00):
Carla a car Lyon. That sounds that make sense? Simple,
well done, A car and a line put together. Yes,
Now have you been I've been very well. Yep, I've
been doing I was doing a bit of reading. And
actually one of the topic we're going to have a
chat about. In fact, it's probably while you forget what
you say in the media, but just one of the
(03:22):
things stood out was in your early days and you
talked about how you've talked about founding Cora Wealth and
how the challenges of doing something which is just such
a big undertaking. But you just had a remark in
there about how your kids just don't enjoy listening to
Bloomberg Dot com, which really did make me laugh, and
I thought, God, the number of times I've got radio
(03:43):
on listening to this news channel that news channel. My
kids like, here he goes again, But it made me
think about the lessons that kids should learn about money. Actually,
what Bloomberg dot com? What are you listening to? I
have never listened to. Is this a podcast or a
newsfeed or what? Everything?
Speaker 4 (04:00):
So I'm a news junkie, so I spend huge amount
of my days reading and listening to news. When I've
got a spare second, I'm always listening to either the
Bloomberg podcast or actually Bloomberg Radio, which comes through my
sons at every morning.
Speaker 2 (04:12):
So it sounds hardcore, And I mean, since how long
have you been listening to that particular.
Speaker 3 (04:18):
Probably for the bitter part of the last ten years.
I do that most mornings.
Speaker 2 (04:21):
Wow.
Speaker 4 (04:21):
And so my kids hate it because they'd much rather
be listening to dinosaur songs than Bloomberg.
Speaker 2 (04:29):
How old are your kids, I'm guessing would buy that.
I'm guessing they're about four, three, five, six.
Speaker 3 (04:34):
Old, three seven and nine?
Speaker 2 (04:36):
Oh good, guess exactly. But the question, I guess, do
you think that've learned much from hearing? Having Bloomberg in
the background or hasn't turned them off any talk about money.
Speaker 4 (04:48):
I think it gives them a little bit of an
understanding of what I do because they they know that
what's happening in the world is important to me. They
know that what's happening in the world is important to
my job. Do they fully understand the markets or do
they understand the markets full stop? No, but I think
they at least know that whatever is happening has a
(05:10):
lot to do with my job on what I do.
And actually, my nine year old, he finally has grasped
the idea that my job is to make people money.
Speaker 2 (05:18):
And just reminded me the other thing I think I
read you were talking about how one of your children
might be the nine year old learned that, you know,
would you like two dollars to go and spend, But
if you don't do anything with that two dollars in
terms of spending, if you put it somewhere else, that
two dollars will turn into three dollars sort of eventually.
And they've sort of grasped that, all okay, So then
(05:42):
you've maybe one of the lessons they've learned. I mean,
we like to spend money, of course, and that in
the end we spend it because why do we want money?
Because it buys things? But yeah, that the future value
of that money.
Speaker 4 (05:52):
If he my nine year old, he's a saverer, right,
so he gets it because he likes to hold money,
and he gets it. And I think it's as much
the personality as the age.
Speaker 2 (06:02):
Well, I was going to ask you that, because I
think there is a certain there's an instinct almost is
it at birth? I don't know.
Speaker 3 (06:08):
I mean it's even.
Speaker 4 (06:09):
And the other one that was really powerful the other
day is so I set them set the kids up
with can we save account? When I set the business
up five years ago, and so I put the thousand
dollars in for well, the two that were alive at.
Speaker 3 (06:20):
That point in time and.
Speaker 2 (06:22):
That and the way you put that sounded a little
bit tragedy, but you meant that had been born by
that that had.
Speaker 3 (06:27):
Been sorry, yes, he had been born by that stage.
Speaker 4 (06:30):
Well, because the reason I say it like that is
the third one asked for where his money was the
other day and was busily disappointed.
Speaker 3 (06:35):
And I told him he didn't have one.
Speaker 4 (06:39):
But what was amazing is they kind of said, I said, look,
I gave you a thousand dollars when you were four
years old, and they looked in their account and they
could see that it's now eighteen hundred dollars, and they.
Speaker 2 (06:51):
Just that's not a bad rate of appreciation. Did you
stick it with Cora Wealth or something? Wow, Junius. If
I hadn't put it there, it was somewhere else.
Speaker 4 (07:02):
I was account number one, they were account number two,
My wife was account number two, and they are accounts
number three and four. But it was really interesting, right
because they could see they said so that I said
to them, not five years ago that was one thousand
dollars and today it's eighteen hundred dollars. And that's what
you've got there. And that's what happens when you said
it leave it there, and you said it save the
nine year old. He kind of said, well, how can
(07:23):
I put more on a seven year old?
Speaker 3 (07:25):
Can I have the eighteen hundred dollars please?
Speaker 2 (07:27):
Actually that's the secondary question, by the way, I'm going
to throw out there, because ah, the question that we
want to explore. We're going to explore is what are
the lessons that you should teach kids and win about money?
But there is the question out there to everyone I
can have a reckon on are savers and spenders? Are
they created or are they just born like that? And
(07:49):
I I don't know those person those aspects of personality,
because I think you can learn some bad lessons if
you are not taught, if you don't understand where money
comes from. But there are kids. I'm pretty sure one
of my daughters is going to be or maybe by
both of them, that have gotte an instinct to put
money away.
Speaker 3 (08:08):
I think it's a bit of both.
Speaker 4 (08:10):
I think there's the I mean, I find it fascinating
having three children, because I've got that. I'm pretty sure
I've been raised the same way. But there are three
very different personalities, and so I can see, particularly with
the two olders, there's ones that the oldest is the saver,
that the middle ones the spender.
Speaker 3 (08:27):
But I think, to be honest, I think.
Speaker 4 (08:28):
As a parent it's our job to really teach them
the value of money, that the need to work for money,
the need to understand what money is. And so I
do think to a certain extent it's an intrinsic trait.
But on the other hand, I do think we can
teach a lot of good money habits on the way through,
and that's what's really really important.
Speaker 2 (08:48):
Yeah, love your calls on this as well. They have
you focused on I mean, you might be able to
talk about your own child er. What was it, What
were the first lessons you learned about money and what's
the best way to learn to appreciate it? Because one
of the things I was going to say, and as
I was about saying it to you before the show,
I started to think, actually, this be completely wrong. But
I had imagined that people who were wealthy would be
(09:11):
the ones who would who would naturally pass on good
lessons about money to the next generation. But then I thought,
how on the opposite could be true, because if the
first generation learned how to make money through hard work
and investment or whatever, and the younger generation just sees
that mum and dad have got a lot of money
(09:32):
and it's coming my way when they cart it. Sorry
I put it so crudely, but I do wonder if sometimes, Yeah,
I don't know who, whether there's a complacency you've got
to be careful of as well if you are successful.
Speaker 3 (09:47):
I don't think there's any generic rule.
Speaker 4 (09:49):
I mean I think about some of my friends, for example,
I've got some friends that grow up in very wealthy backgrounds,
one in particular, who his father. Whenever he does anything,
he kind of asks for the business plan to justify
why he wants the money, And I think so, I
don't think there's any hard and fast all. I think
it's a mix. But I do think people that have
(10:10):
gone through tough times, I'd argue more often than not
understand the value and understand the value of not having
and saying that though that can crack some other quite
negative money traits around not able to enjoy your future,
not Able to enjoy life because you're too worried about money,
too worried in the future. It's about creating the right balance.
Speaker 2 (10:31):
Yeah, okay, the right balance. Yeah. So we'd like to
hear from you on this as well on r. Eight
hundred eighty ten and eighty. What are the most important
lessons that you can teach children about money? When can
you teach them? But also you might remember the best
lesson you ever learned about money. For me, actually, I
probably think the lessons I've learned about money are later
on in life in a way about because I'm self employed,
(10:55):
I don't get paid if I don't work, and there
is something of a lesson that motivates me because they go, oh,
you know, everyn and again sort of thing. I'll go
to go to work or something. There's some aspect to
what I'm doing I'm not enjoying, or I sort of think,
hang on a minute, I turn up and I'm going
to get paid. That is a That's the first lesson
(11:15):
to me is that I don't want to say time
is money because it doesn't mean that all your time
is money. I hate that expression because it makes it
sound like everything's a tradable commodity. You know, if I
take a day off, then that's money that's costing me.
I don't like that idea, but I do like the
idea that guess what I turn up, I do the effort,
I spend some time contributing something and bingo, I get
paid for it.
Speaker 4 (11:36):
Fabulous, And I think that's an important leson. You can
teach the kids from day one, so I think, so,
I think that's a really really important lesson. So we
do stuff in our house, for example, whereby some of
my kids they get pocket money, but they also get
paid money extra for doing extra thing.
Speaker 3 (11:54):
So whether so they're the little things.
Speaker 4 (11:57):
Right, So the pocket money, they dishwasher, rubbish bands, making
sure the beds are.
Speaker 3 (12:02):
Made, all of those kind of things.
Speaker 4 (12:03):
Yeah, but they want some extra money because they've found
a bay Blader or something else.
Speaker 3 (12:08):
They want to save up for what.
Speaker 4 (12:10):
Bay Blader it's the new toy of choice for the
kids at the moment. Basically, it's a very fancy spinning top.
Speaker 2 (12:15):
Okay, right, okay, right, the spinning top crazies. Yeah, it's
not one of those laboo boob things at least.
Speaker 3 (12:22):
No, I haven't got that yet.
Speaker 2 (12:24):
It's probably the booboo or something else. I think they're
called lab boo boo.
Speaker 4 (12:27):
Yeah, but it's about saying teaching them, look, if they
want a little bit more, if they want something extra,
then they're going to have to do stuff for it.
Speaker 3 (12:34):
They're going to work.
Speaker 4 (12:35):
So in our house, that's the kind of that's the
clean your car, that's the lawns, that's those extra bits
and pieces that try to instill in that world of going, hey, look,
nothing's you can't just have stuff. It's all kind of
if you want it, you need to do that little
bit of extra work for it.
Speaker 2 (12:50):
Actually, that's an interesting course. We don't give pocket money,
but the kids have what they need sort of thing,
and they get gifts and presents at birthdays. And that's
when I learned that savors because one of them has
been squirreling that money away like nobody's business. It's like,
how much have you got in your bottom drawer? Well,
or put it in the bank account?
Speaker 4 (13:10):
Of course, yeah yeah, but at my age that the
bank accounts actually make life pretty hard because the bank
accounts it's all ethereal. They can't see the money, they
can't touch the money, they don't really understand what money is.
And so one of that's kind of one of the
other tricks that someone taught me a little while ago.
And one of the things that we've done is we've
actually we've now got jars with just kind of there
(13:32):
just random little coins that we brought off team actually,
but they all represent a dollar each for the kids.
And so it's back to that old school world of money.
Speaker 2 (13:43):
Okay. Actually it's funny because I was about to think,
hang on a minute, this is the guy from Cora Wealth.
The money that's sitting in a jar is not doing anything,
But of course it's not. It's symbolic money. So you
headed me off at the past before I could even go.
Hang on a minute, so that money is actually in
the account.
Speaker 4 (14:01):
So that there's a symbolic money and that money's in there.
And then what we'll do is once a month will
transfer it from the manager up into a bankcount and
they can choose whether they put it in the saving
or the spending account on the way through.
Speaker 2 (14:12):
Because that is actually one of the biggest lessons that
I think everyone needs to learn, not just younger people
but especially at least. I grew up in a world
where if you had to go and spend ten bucks
on something, you spent ten dollars and you hand it
over that Basically, when we got ten dollars at Christmas
from one particular relative, we felt like we're were the
wealthiest people in the world that could buy you the
whole game of Monopoly. Except but I do remember cash,
(14:40):
and this generation it's all just a number in the
bank account, isn't it. Yeah, it is.
Speaker 4 (14:46):
It's so like my nine year old he now gets
the bank count and so he understands the numbers in
the bandcount mean real money. What's actually quite interesting with
the coins and the jar that's sitting on the window sill.
Speaker 3 (14:58):
Is actually the four year old now get that, okay?
Speaker 4 (15:01):
Or the four year old now understands the fact that
kind of it's a dollar.
Speaker 3 (15:06):
If it's coin, it's a dollar, and a dollar is
something that he can then take to the shops and
he can do stuff with.
Speaker 2 (15:11):
So how do you actually work that I've just got
up because I like this idea of it not being
the real money. It's in the bank. So what is
it that you've got on the You've literally got a jar.
Speaker 4 (15:20):
We got three jars, so for the three children. Yeah,
and we've got these little random coins that we just
got a two hundred coins off.
Speaker 3 (15:29):
Kind of thing.
Speaker 4 (15:30):
And so what we do is every Sunday we give
them their pocket money and then if they've done any
extra jobs or they've done anything extra, then they'll get
a little bit of extra put in. And then once
a month or so, what we'll kind of do a
bit of a counter and empty the jars and put
it into the bank.
Speaker 3 (15:44):
Count.
Speaker 4 (15:45):
Okay, that's so it makes it real for them. But
so you're actually talking about the money, it's tangible, it's
there and they can see where it goes for them.
Speaker 2 (15:54):
Okay, we love your cause on this What are the
lessons that you think children need to learn about money
these days? And as I say children, I almost have
to include all of us, because so often when we
have discussions around money, I think there are a lot
of adults who think, you know what I think. For
the next month, I'm going to pay all my bills
with cash so I can actually realize how much I'm
(16:15):
a spending. Because I think that it's an easy habit
to just see your hand over the card. It goes blip,
blip and bingo. Although it might make supermarket shopping quite painful,
you just imagine handing over twenty dollar bills is like too.
Speaker 4 (16:30):
You'd be a lot more discipline though, because when you
get to the end of the twenty dollar bills, you
just have to put it back on the shelves.
Speaker 2 (16:36):
Yeah, you would be there. It goes the I don't
know what would be returning first. Anyway, What are the
lessons that you would like kids to learn they should learn?
What did you learn about money? Eight hundred and eighty
ten and eighty text nine to nine two. We're with
Rupert Carlyon. He is the founder and managing director of
Kurra Wealth who's with us And if you've got any
(16:57):
questions for Rupert. By the way Coral Wealth is, they've
got their own key. We save a fund as well,
so he's Higg's on the game of investing and make money.
So you've got any questions for Rupert, give us a call.
Oh eight hundred eighty ten eighty twenty three and a
half past.
Speaker 5 (17:10):
Five's welcome back.
Speaker 2 (17:37):
I think I mentioned in my producer Tara that if
we were going to play a bit of a living
Newton John, which we did last hour, I think then
we'd have to play Xanadu. And she's taken me literally.
This is from the movie with Olvy in Newton John,
who the world was in love with, and it's an
awful movie and it was apparently the movie that was
the founding movie for the Raspberry. The Raspberry Awards for
(18:00):
the Worst Movie of the Year was inspired by this
movie Xanadu. But it is worth going to YouTube and
checking out the video for Xanadu. And you can tell
every time Olivia starts dancing, they close up on her
because she clearly can't dance, but of course she can sing.
She could sing. Should I say the late O Livia
Newton John got I hate saying that Olivia Newton John.
She's a marvelous singer. Anyway, we're talking money where with
(18:22):
Rupert carl And he's the founder of managing director of
cural Wealth, and we want to talk about the lessons
that kids should learn about money. Actually, tell you what,
there's a really simple question that Ruper and I were
discussing in the breaker is do you spoil your kids
by giving them pocket money? Should you make the money
every penny or should you give them pocket money so
they can learn how to spend it. I'm thinking I
(18:44):
think I just argued against pocket money, didn't I? Rupert?
Speaker 3 (18:48):
I don't know though.
Speaker 4 (18:49):
So at the start I said, money's about balance because
you kind of at the end of the day you
want to be you can't be. You don't want people
to be too frugal, but you want to make sure
that they actually understand the value of money on the
way through as well. And so I leave money if
pocket money is important?
Speaker 2 (19:08):
Actually, here we go how much? Oh that almost gets.
Speaker 3 (19:11):
Personal, doesnign I'm an open book.
Speaker 4 (19:13):
So for me, our kids get a dollar a dollar
per week for their age.
Speaker 2 (19:19):
Okay, it sounds doable.
Speaker 3 (19:24):
That's doable.
Speaker 4 (19:26):
But then we'll do things, but we'll so the flip
side of giving them pocket money as we expect them
to do to pay for things.
Speaker 5 (19:33):
Though.
Speaker 4 (19:33):
Right, So, my nine year old, for example, has just
saved up a huge amount of pocket money over a
long period of time, and he's brought himself at Cobo,
which is wonder a kindle reader.
Speaker 2 (19:43):
Well, what an awesome way to spend his money on
something to encourage reading. Brilliant.
Speaker 4 (19:49):
Whereas if we didn't give him poet money, we probably
would have just brought it for him. But it's a
way that he's had to save. He's had a goal,
he's had all of that kind of stuff. So it's
to me it's about teaching them a whole lot more
lessons than just giving him money.
Speaker 2 (20:04):
Wow, that is a great effort. What did he buy
one of those sort of like quite compact little numbers
already buy the one with the slightly with the magnificently
big gram screens.
Speaker 3 (20:14):
To be fair, I only knew there was one. It's
a little one.
Speaker 4 (20:17):
But the beauty about it though, which from a parent's perspective,
is it connects into the library, and so it means
that he's constantly getting books out and rather than us
going and spending millions of books the whole time because
he's a massive reader.
Speaker 2 (20:31):
Yeah, it's all coming from the libary. And I hate
to push a particular brand because but Kendall, which is
the Amazon thing, everyone talks about their Kendall Kindle, Kindle
Kindle does not sync up with Library and the Cobos do.
And that is exactly the reason why there's such a great,
great set because and it actually I must say, it's
quite an amazing I mean we're talking about education here,
but it's such a great resource, isn't it When you
(20:53):
can get library books on you can on your Cobo.
Speaker 4 (20:55):
Yeah, I agree, And that's brilliant. And so the next one.
And so my seven year old's currently saving up for
the Cobo. I think he's almost got enough. And then
the nine year old's next subject is the Chromebook for school.
Speaker 2 (21:07):
He's going to buy his own Chrome book.
Speaker 3 (21:09):
Yeah, I'm not doing it.
Speaker 2 (21:12):
Actually, that's the trade off. I mean, you see, we
don't we don't give our kids pocket money. They get
gifts at Christmas and birthdays from everyone, but we buy
them the Chrome books and which.
Speaker 4 (21:24):
Yeah, but it's half a dozen one way six the other, right,
I think it. I don't think there's a right or
a wrong way. I think where I think pocket money
goes wrong is potentially if it's giving pocket money but
also giving them everything else as well. So that means
all of the pocket money goes on the bay blades,
all of these other things that are just junk.
Speaker 2 (21:45):
What if they want something slightly extravagant. I mean, because
sometimes you do buy your kids, you know, you want
to buy your kids treats and stuff like that.
Speaker 3 (21:53):
I mean, my kids don't go don't want for much.
Speaker 2 (21:56):
No, no, you mentioned can we talk about the Crocs?
Speaker 3 (21:59):
Yeah, the Crocs thing.
Speaker 4 (22:00):
That was a good example, right of So currently at
their school, all the kids want Crocs.
Speaker 3 (22:05):
They want the real Crocs.
Speaker 2 (22:06):
And so they can stick those those little gibbets. Oh
they gibbets. You should time to look at what a
real gibbet is. That's when somebody being well, it's a
it's a punishment or torture device. You're hang people in
the gibbet I think it is, or somebody a gibbet
and hang them from a tree as they decay. I
(22:27):
think that's what aib is. But anyway, sorry, agress.
Speaker 4 (22:32):
No, but that was so we're talking about that's a
good one of kind of teaching them that you can
do stuff cheaply, you can do stuff expensively. Right, So
for us, when he wanted crocs recently, you can go
to the warehouse and or numb one s your warehouse
and you'll get the equivalent of fifteen dollars or the
real ones are sixty or seventy dollars. And so we said, look, well,
(22:52):
I'm happy to buy the cheap ones. And when you
started moaning, I said, that's fine. You can get the
expensive ones if you want, but that's on you. So
I pay fifteen dollars and he pays the rest so
that he can get to the branded stuff.
Speaker 2 (23:04):
Actually, you know what, I don't think there's much to
argue with with what you're saying, because you know you're
giving kids what you're providing for your children, and as
you said, look, they don't want for much really, but
you're trying to teach them that habit of like what
it's worth and if this you want something special, how
badly do you want to be just like everyone else?
And having those stupid crocs?
Speaker 4 (23:22):
And that's put his cromebook back. So that's kind of
that that did he go.
Speaker 2 (23:26):
With the crocs at least, as I say, at least
it wasn't one of those.
Speaker 4 (23:31):
He's a Grayland kid, Let's be clear, it's not exactly
He's got to keep up.
Speaker 2 (23:35):
There was a time when being a Grayland kid was,
isn't it. Times have changed very much. It used to
be the time it's like I'm from Grayland forty years ago,
and now it's like I'm from Greyland. There's a text
here that says you never you need to have pocket
you need to have pocket money. I never got enough,
so I got to snitching the neighbor's taxi money and
(23:58):
then saving that and then bought my I don't think
I'm gonna read the rest of this. Oh, Anyway, Rod
got in trouble for buying himself an air rifle with
stolen money. I was wondering where that was going for
a second. So I did actually decide I needed to
read ahead a little bit, a little bit on that one.
So what about the discussion around Kiwi Saver for your
(24:23):
kids versus the non Kiwi saver, Because there's there's two
sides of this. You've got a kid who's a spender. Yep,
you might be thinking, I'll sticking in the key We
save because I know you can't touch it. But then
if you want your kids to have I mean, it's
a long time before they're going to be getting access
to that Kiwi saver. Do you create a savings account
(24:43):
which is totally not key We saver, because at least
it gives them some discretion when they are old enough
to start making their own decisions A lot.
Speaker 4 (24:52):
I'm a a which is probably the controversial answer, given
I'm not. I'm a kesave provider. My view is actually
the non KEYI Saver options are potentially better off for
the kids.
Speaker 3 (25:03):
For the very simple. So it's easy for me to
say that.
Speaker 4 (25:06):
Because I understand money and I understand investing options and
how to do it. Because I think about my kids.
If they get to their early mid twenties and they go,
you know what, Dad, I'm not that happy. I just
want to go on a big trip or to clear
my head, or I want to start a business, or
I want to do stuff. There are so many other
things that kids might want to take their money out,
(25:27):
whereas unfortunately kee We saver it's.
Speaker 2 (25:30):
Just for a house, just for a house, and that
may not be forever either. I guess Becausett's dependent if
a government. Besides, listen, it's no government's.
Speaker 3 (25:39):
No government's going to do that.
Speaker 4 (25:40):
I mean, if they can't even give up on the pension,
there's no way they're going to change it. There's no
way they're going to change the rules around that stuff.
Speaker 2 (25:46):
Because digging into your key we save it is I mean,
I'm not sure if we discussed this with you last time,
but there was the question about whether you should be
able to dig into your key we saver for your
first house because it sets your savings back. I think
it was with you, it was with me.
Speaker 4 (26:01):
So we're the only country in the world that let
this happen. In Australia and the UK comes up regularly
every three to five years on whether they should let
kids do it, and they say no because fundamentally it's
just the wrong thing to do. So he yeond the
only country in the world where it's allowed to happen.
Speaker 2 (26:21):
Actually, by the way, I wouldn't mind taking your cause
on this because I still think even though were discussed
at last time, it is one of those it's the
preennial topic. But let's take some calls Lucy.
Speaker 6 (26:30):
Hello, Oh hi, Look, it's not what I have done that.
It's a person. I know what she does with her children.
They at seven, they get a their bit card and
any money they given to them as gifts for Christmas
(26:50):
and Birthday or something, they give it to the mother.
She puts it in their account for them, and that
in some jobs that they do around the house they
will get money for not everything, because you're a family
and you got to do things together now. But what
happened one time the boy he had his mates over
(27:14):
and he bought all the stuff for a midnight feast.
And it wasn't until afterwards he realized. He said to
his mother, Oh, I've spent all my money. I can't
afford to pay for myself home this month. And he
got a lecture on bills get paid first before anything else,
(27:35):
and as well, mother paid for his phone, but she
got his phone and he could only call her.
Speaker 2 (27:45):
Oh okay, so she got the phone but gave him
the beer basics. Yeah, actually I'm sort of okay with
that in a way. Initially I thought he should pay
for his own self, he should just have to wait.
But what do you reckon rupert because he has taught
himself a hard lesson.
Speaker 4 (28:00):
He taught himself a hard lesson. I think, to be fair,
that's I mean, I'm a control freaks. I just wouldn't
give my kids the debit cards and type of trust
them with it.
Speaker 6 (28:09):
Well, well, the kids actually don't get the debit card.
The mother holds it until they're at high school.
Speaker 2 (28:17):
How did he spend the money then.
Speaker 6 (28:20):
Well, when he wants to spend the money, he's usually
with his mother and she has the debit card and
she gives it to him then to use. And otherwise
they're not given the debit cards straight straight away. They're
given the debut card usually when they start at high school.
But they start knowing about the money they get and
(28:44):
putting money, and the mother puts the money in the
account for them. That that's what happens to them ever result,
and they might ask how much money have I gotten
my account? And she will tell them and they say, well, yeah,
they're wanting to buy something like one of the girls
bull to self the cell phone, and so she had
(29:09):
to you know, once she had the money, she bought
that she had enough to buy the cell phone. So
her mother gave her the.
Speaker 4 (29:19):
As much as as much as it's a hard lesson
to learn, I think that's an extremely good lesson though, right,
because fundamentally, if if you blow it and then you
suffer a whole lot of consequences because of that, then
you're probably not going to do that again.
Speaker 2 (29:32):
I actually think that. Yeah, it's interesting that have you
because you were saying that you wouldn't give your kids.
Speaker 3 (29:38):
Try and protect them from the loss.
Speaker 4 (29:39):
But at the same time, but you're visiting that now.
Speaker 3 (29:44):
I still I'm not sorry.
Speaker 4 (29:45):
I try my mind still too young, But I do
think what do we know about life?
Speaker 2 (29:49):
Right?
Speaker 4 (29:50):
We know it's during the challenges that we get taught
a whole lot. And I think that's a really actually
a good way to learn something because you go through
you put yourself in a challenging situation.
Speaker 2 (29:59):
Yeah, that was a good lesson that that boy learned, then,
wasn't it.
Speaker 6 (30:01):
Lucy Well make Sally, She the mother is actually very good.
It's usually when they're at high school, they end up
with the debit card and she lets them buy lunch
once a week and she puts the money in there
for their lunch and they you know, she puts money
in for them too, like the lunch money, and yeah,
(30:25):
the kids do know that, you know, you can only
buy money when you've got money, and you can only
buy things when you've got money in your debit card.
Speaker 2 (30:36):
Yeah, yeah, now that's a good one. Actually, I quite
like I do wonder whether in fact you are doing
your kids a favor if you let them have a
learn that hard listen.
Speaker 4 (30:49):
Or the constant cost that's the constant challenge of parenting,
right do you let them scrap your knees?
Speaker 3 (30:54):
Do you let them have the accidents?
Speaker 4 (30:56):
Do you how much do you protect them versus kind
of let them learn from their mistakes?
Speaker 3 (31:00):
And I think it's not just money, it's.
Speaker 2 (31:02):
On everything, well, at least with the money thing. If
you and everyone has to do it within their means,
of course, because you know, one person's fifty dollars is
another person's five dollars or five hundred bucks. You know
everyone's got But if you I tend to think that
no one's going to get hurt if you have allowed
your children to have access, say to a debit card,
(31:23):
and they make a mistake and they blow it, as
long as you're comfortable with the amount that they're blowing.
That is the one lesson where no one really gets
hurt except their inner soul. It's like I could have
brought my favorite pair of crocs.
Speaker 4 (31:39):
But actually this conversation is making me think one thing
though as well, right, which is the role of education
at schools, because and we find it with a lot
of our clients, and whenever we do seminars or anything,
we ask how you who do you learn about money
from the answer is always either your parents or secondary
(32:00):
it's your employers, or sometimes it's your friends.
Speaker 3 (32:04):
So it should The problem is that.
Speaker 4 (32:06):
If you've got parents that are good with money, you'll
learn a lot, and you'll learn the right habit. But
we know a lot don't. And I think I'm just
kind of I've never heard someone say to me, oh,
where did you learn that? And we ask them where
they learn about money. It's one of the questions we
asked when we do education seminars. Never want till someone
said to me school.
Speaker 2 (32:24):
That's interesting because at times, and I don't like to
share overly share about my kids, but one of my
daughters has been doing She decided surprisingly to me, to
do business studies. And this is early on in education
at high school and we just had a I can't
remember how the conversation came up, and she said, well,
I won't be doing it next year, but I did
(32:44):
want to. She said, this is what no encouragement from us.
She said, I just did want to do it for
a year because I wanted to understand how, you know,
how money works. And she said, I don't want to
be an accountant, so I'm not going to I'm not
going to go any further with it. But she just
I was kind of like, good on you. I sort
(33:04):
of stood in awe of her.
Speaker 3 (33:06):
Actually, I think that's awesome.
Speaker 4 (33:07):
But I mean, and I know a lot of this
is coming with kind of some of Eric Stanford's recent announcements,
but I mean, imagine if we had a world where
from kind of your kid get to enroll in primary
school and actually we start at that kind of very
young age, but we also start teaching the parents at
that point. A whole lot of resources get sent home
(33:30):
to help because I think we know it's a comminate,
it's that piece there to educate the kids, we also
need to educate the adults.
Speaker 2 (33:36):
Actually, we're going to come back with that actually, because
there are there is the question about what bad habits
do you really need not to pass on to your kids, because,
let's face it, not many people don't have. We've all
got bad habits, don't we. I mean there's been songs
written about it. We'll probably have to play that coming
out of the break. I think it's called bad habits Tira. Anyway,
just a moment seventeen minutes to six News Talks, the'd
(33:58):
be It's little nice conversations were the Stranger and welcome
back to the Weekend Collective on Tim Beverage a smart
money with Rupert carl And, a founder and managing director
(34:19):
of Cora Wealth. That's k O. You are a they
are key we saber providers. So if you're curious about
looking around at your funds, actually you guys had some
ridiculously performing fund where you had to say to people, look,
we've done quite.
Speaker 3 (34:32):
Well, but don't don't gone too well.
Speaker 2 (34:34):
What was that one? Was that that?
Speaker 4 (34:35):
Well, we've got a backcoin fun and of course backcoin
being the hot asset class at the moment, Yeah, that
was it.
Speaker 2 (34:42):
A bitcoin key we saber fun.
Speaker 3 (34:44):
Yeah, we've got a bitcoin keyp we save fun.
Speaker 2 (34:46):
That sounds almost illegal, well does it? Sounds so scary.
Speaker 4 (34:50):
So I think I said this last time about it,
but resk but co investing is all about risk management,
and so what we do to manage the risk. We'll
only let you put a maximum of ten percent, yes,
and so it's in our view ten percent. It's or
kind of ten per cents more than enough that you
can get a great add a massive whack of extra
(35:10):
return to your qui saber. But it's not going to
put your tire on your first time at risk. And
so kind of yeah, one O one of investing, manage
the downside, manage your risk. And that's the structure that
we've put in place to do that. But between and
that's actually last time we had that caller the US
Equity Fund, which again we've been extremely lucky because that
fund where the US stock market just keeps on going
(35:33):
from strength strength Not a.
Speaker 2 (35:34):
Bad disclaimer to have to make. It's like, look like
we did do well. It's it's the ultimate modesty. Oh like,
we're pretty awesome, but I'm not necessarily going to win
Wimbledon next year.
Speaker 3 (35:44):
But who knows exactly.
Speaker 4 (35:45):
Well, we will say that though past performance never equals
future performance.
Speaker 2 (35:48):
They do indeed, Hey, bad habits speaking about I mean
future performance and the older generation. Are there particular habits
that an older generation needs to be careful they don't
pass on to their onto their kids. There's anything that
stands out for you or love of property? Ah oh hot?
Speaker 4 (36:06):
Actually, I mean that's clearly right. For most New Zealanders
of a certain generation, property was the number one way
of making wealth, number one way of actually generating savings,
and where they should all save. I'd argue today's generation,
even my generation, my kids, the idea of owning a
rental property is close to impossible because they're so expensive.
(36:29):
My kids, I don't even know whether property is going
to be the right answer for them.
Speaker 2 (36:33):
And you've said this at eleven minutes to six, when
we could have started this hour and we could have
talked till dawn, but actually we don't have much time
to But that's your first honest answer the bad habit
would be And I find it difficult to iman a
host a property. How Yeah, And I noticed that the
conversation has switched often when it comes to investing, and
(36:55):
we've got an investor. Elsa Wilford comes on, and her
profile is not about the capital gain anymore. It's all
about finding something to deliver rental return.
Speaker 3 (37:05):
And can you really do that?
Speaker 2 (37:07):
Well, she has a way of doing it, so I
don't want to be but I mean the model has
changed as opposed to sit on it, flick it on,
make a fortague.
Speaker 4 (37:16):
Oh look, I gave her financial advice every now and
then I do financial advice sessions with people. And this
person she kind of earlier this week and she said, oh,
I want to buy a property. I said, why, we just
think we should. Why we just think we should, And
because that's what she's been told to do. That's kind
(37:36):
of that's just the status quo and kind of it's
we're told to do that. So coming back to my
bitcoin answer, where past performance does an equal future performance,
we believe it's great because of what's happened over the
last twenty years, because we've had a massive flux of
migration in New Zealand, the housing shortage and ultra low
interest rates.
Speaker 3 (37:55):
Do we think that continues?
Speaker 4 (37:56):
And therefore it's just a funny one, right because nine
times out of ten, when you go talk to a
parent in New Zealand and they're going to.
Speaker 3 (38:03):
Say, oh, you just have to buy a house.
Speaker 2 (38:05):
You got to buy a property, mind you, it's good
to have one to live in.
Speaker 3 (38:08):
Oh no, we love that. We love that.
Speaker 4 (38:11):
And this was the conversation that I always have with
people when they say what's your financial objective and they
say buy a house? They said, well, why do you
want to buy it? Because you expect to have it
for the next ten twenty years? Is your family home?
If that's your answer, God on you. And I think
that's awesome, and it gives you security, it gives you
a whole lot of other things. Or are you doing
it because as a hedge, because you just can't. You
(38:32):
believe property prices are going to keep going and therefore
you want to get on the ladder.
Speaker 3 (38:36):
I kind of buy that one or the other one
is a lot.
Speaker 4 (38:41):
I don't really know how to do anything else, and
therefore property is just an easy way to make money.
Speaker 2 (38:48):
Gosh, there's so much we could dig into that I'm
going to I want to address a couple of texts quickly.
We've got about a minute a half before we take
the break with key. We saving pension funds, worldwise, investing worldwide,
investing in US stocks. Are we not setting things up
for a Crash, says Grant with this love with the
NASDAK and all that lot.
Speaker 4 (39:05):
My view know because I think the US economy strongest
economy in the world, the strongest economy that the world
has ever seen. I look at the tech companies and
those very large companies that are currently in the US.
I don't think the world has ever seen a group
of companies that are as strong as they are. So
they are expensive, but they are delivering massive growth rates
and they've got very high returns on capital. It's going
(39:28):
to require quite a lot to whack them sideways. And
now you've got a White House that's kind of fighting
their fight for them.
Speaker 5 (39:33):
Right.
Speaker 4 (39:34):
You look at the trade deal with the EU, where
number one consideration is Europe's got to get rid of
or water down GDPR, digital services tax, all of these
things to make these companies' lives hard. The White House
is saying, no, guys, we just need these guys to
make money for us.
Speaker 2 (39:49):
Who knows what. I don't know where things are going
with the White House. I can't keep up with them.
Speaker 3 (39:53):
Don't listen there. The more the more you listen, the
scarier it gets. Just ignore it.
Speaker 2 (39:59):
Hey, look, we're going to take a quick break. We'll
come back to wrap things up and just part it
is seven and a half minutes to see. Yes, welcome back.
We're wrapping up with Rupert Carlin. I'm just going to
throw my other my twopenny in the lessons I want
my kids to learn. Every time I hear about someone's
kids who've gone and got a job, or they did
a job here and there, And I've got a text
even on that. How about how how kids win and
got a job at New World on the youth wag
(40:19):
eurning money. Now they've got they're both under forty, they've
got million dollar houses. I think when you do have
the chances of fifteen, sixteen, seventy year old to get
a job and in some money, I think it's a
great lesson to learn. Isn't Rupert? It has to be.
Speaker 3 (40:31):
I mean, I'm slightly old school.
Speaker 4 (40:33):
I believe the only way to get ahead in life
is heartslog Yeah, and if you teach your kids to
work hard and they'll reap the benefits, that's the most
important thing.
Speaker 2 (40:40):
Funny, you say that's old school a but it's not really.
I mean, imagine if actually, to be honest, we've only
got thirty seconds. Sorry, but if everyone in this country
had the idea that they wanted to get a job
and get out and work, can you imagine how that
would transform New Zealand. It'd be awesome, be incredible anyway,
probably not going to happen overnight, if at all, but
then might hate Rupert. Hey Coral Wealth, Ko you are
(41:03):
if you want to check out their products and their Ripert.
Speaker 3 (41:06):
Great to see it, thank you, would be great.
Speaker 2 (41:08):
Look forward to next time. It is three minutes to
six Sunday. It's six is next thanks my producer Tyra.
I have a great evening.
Speaker 1 (41:15):
For more from the Weekend Collective, listen live to News
Talks EDB weekends from three pm, or follow the podcast
on iHeartRadio.
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